USD/JPY Technical Analysis: USD/JPY up for 3rd consecutive day targets 111.45 level

• USD/JPY bulls are back and eager to resume the main bear trend. 
• USD/JPY is forming a bull channel and the market broke above it. The 50, 100 and 200-period simple moving average are rising and widening up all suggesting a bullish bias. Targets to the upside are located at 111.45 and 111.54-111.64 area. 
• A bear breakout below 110.75 would invalidate the bullish bias. 

USD/JPY 15-minute chart 

Spot rate:                 111.20
Relative change:      0.59%     
High:                        111.30
Low:                         110.50

Main trend:         Bullish 

Resistance 1:    111.45 August 8 high
Resistance 2:    111.54-111.64 area, August 6, high and supply/demand level
Resistance 3:    111.82-112.00 area, supply level and figure

Support 1:    111.00 figure
Support 2:    110.75, July 23 low
Support 3:    110.58 July 26 swing low
Support 4:    110.40 supply/demand level
Support 5:    110.10 August 13 swing low
Support 6:    109.91-97 area, 200 and 100-day simple moving average
Support 7:    109.37 June 25 swing low
Support 8:    109.19 June 8 low